State Farm - Money Market

Average Score:

•   Solid account

  Rates aside, this is about as good an account as you could hope for.

  I love love love being able to withdraw money from any ATM I want and get fees reimbursed. And it's a money market account, so obviously it comes with paper checks and checking. And it's got good overdraft protection, which I appreciate (though if you're using overdraft protection, you're under the minimum account balance and paying $10 a month for your account, which you shouldn't do).

  One of my big peeves with online banks is depositing money. Most of the time I don't mind waiting a few days for my mailed-in deposit to go through; but sometimes you really need that money quickly. USAA has got the unrivaled "remote deposit" option (take photos of the check on your iphone, email the photos, voila), which State Farm does not. But State Farm has probably the next best thing, free FedEx overnighting of deposits to the bank. Very cool.

  The obvious drawback to this account (and the reason it only merits four stars) is the interest rate. Oddly, you'd have to have $50K in this account to earn the same interest rate that you can get on State Farm's Interest Checking account with $2.5K. Weird. But it's not a terrible rate; to my knowledge, only Ally has a higher interest rate with roughly the same feature set. So if State Farm gets their interest rate above Ally and keeps it there for some time, State Farm would be the best Money Market account out there. And even now it's not too shabby.

  Posted by lastgasp11 -- Sept. 29, 2009